If Bitcoin (BTC) Turns $11,300 Into Support, Bull Run is Back On

Bitcoin (BTC) has managed to extend its gains into the weekend. As of the time of writing this report, the cryptocurrency is trading at $10,850, having flirted with prices a tad higher than $11,000 on Saturday.

Related Reading: Visa Invest $40 Million in Crypto Startup, is Mainstream Acceptance Here?

According to a growing number of industry analysts, there is growing evidence to back up the idea that Bitcoin is poised to embark on another leg higher, despite the harrowing cries for a return to $6,000 and even lower.

Bitcoin Needs $11,000

Bitcoin has been somewhat on a tear as of late. Over the past seven days, the cryptocurrency has gained around 13%.

While the exact catalyst is unclear, it seems that this recent recovery was somewhat triggered by recently-published tweets from Donald Trump about the China trade war. In fact, the latest leg higher coincided with the release of one tweet that also sent gold, Japanese Yen, and Swiss Franc higher.

According to analyst Nick Cote, Bitcoin is nearing the point where it may reenter its bull run phase.

In fact, he writes that should Bitcoin turn the $11,100 to $11,300 region into support, meaning a strong close maybe on the daily and weekly, a move higher would totally make sense. He writes, [a] weekly engulfing for the bulls has usually had a follow through the following week.

A close above that level would negate the losses sustained last week, meaning that bulls can resume their foray to the upside.

Cote isnt the only one with this analysis. Trader Cantering Clark noted that a confluence of key factors and [] order flow are in favor of buyers, and that he doesnt expect resistance until the $11,200 region.

Also, there have been chartists that have pointed out that the current short-term bottoming process looks like an Adam and Eve pattern. For those who are unaware, an Adam and Eve is a bottoming process that sees two tests of the same level, one sharp drop and one drawn-out decline.

Should the pattern play out, Bitcoin may soon rally from these levels to leave the bottoming process in the dust. Per previous reports from NewsBTC, BTC saw its one-day Moving Average Convergence Divergence (MACD), an indicator that tracks trends, experience a bullish crossover, printing a green candle on the histogram.

Related Reading: Billionaire: Trump & Congress Talking About Bitcoin is Bullish, Not Bearish

As McCann points out in the chart above, the last two times that Bitcoin has seen this signal in this cycle was preceding two three-weeks surges to the upside of 52% and 61%.

Should history repeat itself, BTC could surge to around $17,000 by the end of August, riding on the back of bullish momentum.

The Bear Argument

While there are more and more individuals on Twitter starting to flip bullish once again, it isnt all sunshine and rainbows, so to speak.

Related Reading: 85% of All Bitcoin Have Been Mined: Does Scarcity Create Value?

Analyst Dave the Wave has recently mentioned that now isnt the time to panic buy, referencing his belief that Bitcoin should return more sustainable levels around the $6,000 region. He believes that a move lower is more sustainable for Bitcoin, helps the asset maintain its long-term trend lines, reduces volatility, and ensures better price discovery.

Featured Image from Shutterstock

The post If Bitcoin (BTC) Turns $11,300 Into Support, Bull Run is Back On appeared first on NewsBTC.

04.08.2019 / 04:20 29
This Indicator Suggests Donald Trump Helped Bitcoin Market Mature This Indicator Suggests Donald Trump
Bitcoin markets saw their biggest ever change in the week after US President Donald Trump said he was not a fan, new data suggests. Crypto Fear And
Donald Trump Likely Didnt Cause Bitcoin Crash to $10,500: Analytics Donald Trump Likely Didnt Cause
Last week, the crypto market was blessed by a historical event: Bitcoin and Libra were both mentioned in name by the sitting American President.
Visa Invest $40 Million in Crypto Startup, is Mainstream Acceptance Here? Visa Invest $40 Million in Crypto
Electronic payments giant, Visa, along with VC firm, Blockchain Capital, have raised $40 million for a Series B funding round at digital asset
Bitcoin Now a More Popular Google Search Term Than Donald Trump Bitcoin Now a More Popular Google
Google search interest in Bitcoin has spiked to a fresh six month high as BTC has posted 100 percent gains during the same period. In fact, people
Poised for a Comeback? Dow Jones Pares Losses after President Trump Predicts New Trade Deal with China Poised for a Comeback? Dow Jones Pares
U.S. stocks pared losses Monday morning after President Donald Trump predicted the United States would soon reach a comprehensive trade deal with
CNBC as Reverse Indicator of Bitcoin Price 95 Percent Accurate CNBC as Reverse Indicator of Bitcoin
Mainstream media network CNBC has become an unlikely Bitcoin hero this week after an analyst showed its bull and bear forecasts were, in fact, signs
Comments (0)
Add a comment
Comment on